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European shares close higher; US election in focus; Credit Agricole up 5%

European stocks recovered to close in positive territory on Tuesday as the outcome of the U.S. presidential election loomed.


US elections eyed

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The pan-European Stoxx 600 closed 0.32 percent higher with most sectors and bourses returning to positive territory after a dip in afternoon trade.

The U.K.'s FTSE 100 ended the day 0.53 percent in the black, while the French CAC 40 and German DAX were 0.35 and 0.24 percent higher at the close.

Following Monday's rally, investors seemed more guarded on Tuesday as U.S. voters headed to polling stations to choose their next president. Banks and brokers have indicated there could be a Brexit-style tumult in the markets once results are announced.

"If Brexit was anything to go by, we could see plenty of volatility in the markets as the results pour out, particularly if Trump takes one of the major swing states early in the night and sends the market into a frenzy," Craig Erlam, senior market analyst with Oanda, said in an afternoon note.

Credit Agricole up 5%

Credit Agricole reportedTuesday a net income of 1.86 billion euros ($2.1 billion) in the third quarter of this year, above analysts expectations of 1.70 billion euros. Its shares climbed 5.6 percent and peaked at the top of the Stoxx 600.

Marks & Spencer reported Tuesday a 90 percent fall in its half-year profits. The British retailer is closing about 60 clothing and home stores in the U.K., but will continue to invest in food stores. Marks & Spencer's shares slumped by 5.2 percent by the end of European trading.

German data disappoints

Oil prices were relatively flat as European stock markets closed on Tuesday, having started the trading day in bullish fashion. Brent crude was trading 0.04 percent lower on Tuesday at $46.12 a barrel. WTI was up 0.06 percent trading at $44.96 a barrel.

Data released Tuesday showed German industrial output contracting in September at a worse rate than analysts were expecting. Output dropped by 1.8 percent compared to the previous month. Preliminary figures also showed German exports contracting in September by 0.7 percent.

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